Though calcium and sodium are perhaps the most commonly referenced, there are a number of minerals that are essential to our everyday health. For instance, potassium ensures proper nerve and muscle communication. Iron helps our muscles store and use oxygen. When it comes to the literal matters of the heart, magnesium oxide can be very useful. This macromineral is frequently used to treat heartburn, indigestion and low magnesium levels. MGX Minerals, Inc. ($XMG:CNX), a diversified Canadian mining company that’s engaged in the acquisition and development of industrial mineral deposits, is working to make sure that there won’t be a magnesium oxide shortage any time soon.
As released in their Driftwood Creek Magnesium project results from the first four drill holes of phase II, MGX Minerals has reported 98 meters grading 44% magnesium oxide. The Driftwood Project, with the ultimate goal ofconstructing a quarry mine processing plant to produce magnesium oxide, is targeting extensions of magnesite mineralization along strike in the Western Zone.
Located in the mining district of British Columbia, MGX Minerals’ flagship project contains Mineralization traced over strike length of 1,900 meters that remains open in both directions and at depth. Containing two high-grade mineralized zones, the site is potentially responsive to low-cost, open pit mining methods.
Flagship Project Continues to Yield Positive Results
These initial results continue MGX Minerals’ winning streak. Earlier this month, The B.C. Ministry of Forests awarded the company the required permits for magnesite mining. The Driftwood project commenced drilling this past August, completingten drill holes totaling approximately 3,100 feet in late September. Also, in July, the company acquired 100% of the Longworth Silica Property from Zimtu Capital Corp. ($ZC:CA) where they will conduct a multi-phase exploration program.
With consistent positive updates from Driftwood, MGX Minerals’ 12 hole drill program is nearing completion. The continued success of the Driftwood Project ensures that magnesium oxide will be readily available for the production of over-the-counter medicines that help treat everyday discomforts in the near future.
For more information about MGX Minerals, www.mgxminerals.com
Disclosure: In the purview of Section 17(B) of the Securities Act of 1933 and in the interest of full disclosure, we call the reader's attention the fact that Equities.com, Inc. may be compensated by the companies profiled in the Spotlight Companies section. The purpose of these profiles is to provide awareness of these companies to investors in the micro, small-cap and growth equity community and should not in any way come across as a recommendation to buy, sell or hold these securities. Equities.com is not a registered broker, broker dealer, investment advisor, analyst, investment banker or underwriter. All profiles are based on information that is available to the public. The information contained herein should not be considered to be all-inclusive and is not guaranteed by Equities.com to be free from misstatement or errors. Readers are reminded to do their own due diligence when researching any companies mentioned on this website.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer